Managers are struggling nowadays to improve the skills of individuals in order to meet the market expectations. As people from all around the world are in contact to do business, therefore unawareness to culture and norms of one another results in unethical practices and values occur in the business environment which results in decrease of trust and eventually huge losses are born by the organizations due to misunderstandings, thus managers have started to make sure that unethical values and practices are not occurring in their organization by using the methods and techniques of management under the light of theories and functions of management. To ensure the standard of ethics in an organization managers have to work hard to set the rules and they have to communicate the code of ethics to each and every employee so that everyone gets the information about the ethical standard which is required to be maintained in the organization. Managers also spend their time to monitor the business carried out in the organization so that employees should develop the sense that they are not at their own to do whatever they want. It is suggested that simply caring for the utility and rights of others and justice while dealing in a business environment ensures that ethical values are being practiced in the organization.
Management is the ability which is instinctively present in humans however some people are better managers than others because of certain factors which help them polish their ability more than others. Management means different things to different people (Haimann, 1974) but when this term is used in an environment related to business it refers to a process.
What is Management'
The process of planning, decision-making, leading and controlling the available resources of an organization such as man-power, finance, machines and information in order to achieve the organizational goals in the best possible way is called management. Good management results in completion of projects using the resources wisely and in a cost effective manner in accordance with making right decisions and implementing them successfully (Portny, 2007).
Management in Modern World
Due to its importance in every organization and business environment, management has emerged as an important subject area which is widely studied and practiced all over the world. With the gigantic increase in the population of the world, productivity has emerged as a serious problem in the business organizations because the demand for the product has suddenly increased and despite of having capital and demand of product in the market, organizations are not able to increase their production due to lack of skilled labor (Malhotra, 1997). Therefore, the managers have started to think and search for methods and techniques to fulfill the customer's demand by using the existing labor. Management on this outline is the modern management and in this era managers struggle to improve the performance of the employees individually which in turn results in the improvement in the production of the organization.
Management is a complex process because managers have to keep eye on various aspects at the same time therefore